topic Software Change for Tax Year 2021 in Other financial discussions

Software Change for Tax Year 2021

Stockholm Sweden — Sat, 29 Jan 2022 06:36:24 GMT

Dear Turbo Tax Community:

For the past 15 years I’ve used Turbo Tax Premiere because I had a rental property and this product designed for rental property tax accounting. However, in 2020 I sold the rental property (early 2020) and closed out all 2020 taxes due to IRS, etc. in tax year 2020.

So, for this tax year 2021, do I need to still use Turbo Tax Premiere or can I use Turbo Tax Deluxe or another version? Not self employed, no kids or any major write offs - still working, take the standardized tax deduction (not itemized), no longer own rental property or a home. Married, but that's about it.

Will my 2020 Turbo Tax Premiere tax file transfer to 2021 Turbo Tax Deluxe software (so I don’t have to reenter all my data points by hand)?

Or do I have to use Turbo Tax Premiere for one more year in 2021 to then delete the rental property from record so there’s an accurate capture of this?

Not sure which one to buy this year to make my 2021 tax season go without any hiccups/issues/problems without me having to reenter all my information by hand.

Thank you.

Re: Software Change for Tax Year 2021

Anonymous_ — Sat, 29 Jan 2022 14:32:12 GMT

Your scenario would only be applicable to the online versions of TurboTax. If you had been using the desktop version of Premier, switching to Deluxe would have no impact.

Regardless, you can switch from the online verion of Premier to the online version of Deluxe if you completely disposed of your rental property in the 2020 tax year.

Re: Software Change for Tax Year 2021

Stockholm Sweden — Sun, 30 Jan 2022 09:16:39 GMT

Hi, Tag Team Level 15!

Thank you so very much for the response - thank you. Yes, using a "desktop" version and not doing it online at Intuit - download the software to my Mac and complete taxes on my Mac and eFile, but all done via Turbo Tax software.

So, just to be correct - this Tax Year 2021 I do not need to purchase Premier and may purchase Deluxe for download to my Mac and I still can transfer all of my 2020 return data (via the Turbo Tax file extension) and Deluxe software should accept/read my Premier file for use, right?

If so, wonderful - thank you so very much!

Re: Software Change for Tax Year 2021

Anonymous_ — Sun, 30 Jan 2022 14:30:16 GMT

@Stockholm Sweden

Yes, you should have no issues with the transfer of your 2020 return.